Homeowner's insurance policies cover structural or incidental damage to your home or property. When you purchase a home, if you are financing it, often you will be required to purchase a policy that carries the amount of limits the mortgage lender requires.
Many new homeowners look for policies that contain the limits that have been requested by the lender. Beyond those standard limits, there are other areas that can make a difference for you depending on the type of policy that you select.
Deductibles are important. The deductible that you will pay if there is damage to your home is important to most homeowners. The higher the deductible, the lower the insurance premium or monthly payment. When you are searching for a Homeowner's insurance policy, a recommendation is to factor in what price you could comfortably pay for repair. This is something we can help you with.
For many new owners, it is nice to have a Homeowner insurance policy that covers structural damage. In most cases, however, structural damage due to earthquakes or flood damage may not be covered by a standard Homeowner insurance policy. If you are buying in an area where there are frequent storms, adding a rider, or a piece of additional policy coverage that covers tropical storm damage can be a compelling option.
When looking at a policy, always ensure that there is a quick path to getting a claim resolved in advance because when you do have a problem, you will likely want it resolved as soon as possible. When an incident occurs, a policy such as this can keep you cool when the water gets hot. Your home is a major investment. It’s the place that keeps your family safe. Make sure it's protected.